South Korea Considers Naphtha Export Controls Amid Hormuz Strait Tensions

South Korea is likely to implement naphtha export control measures this week due to prolonged disruptions in supply caused by Iran's blockade of the Hormuz Strait, according to a report by Yonhap News Agency. According to Jin10, Yang Ki-uk, Director of the Industrial Resources Security Division at South Korea's Ministry of Trade, Industry and Energy, stated during a press conference at the government complex in Sejong that the ministry is coordinating with relevant departments on the potential export control measures. Naphtha, a fundamental material for petrochemical products, is crucial for South Korea's industry. The country relies on domestic refineries for 55% of its naphtha needs, with the remainder being imported. The ongoing blockade has raised concerns about the stability of naphtha supplies, prompting the government to consider regulatory actions to manage the situation effectively.